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What is Corporate Law? How to find a Lawyer in Pakistan?
Corporate law is the practice or study of how investors, directors, employees, creditors, and other stakeholder groups, such as clients, workplaces, and the surroundings relate to each other. Laws governing businesses (or legislation governing service organizations) form part of broader business law. There is a body of legislation relating to the rights, responsibilities, and conduct of individuals and organizations engaged in commerce, merchandising, and sales, known as industrial regulations or corporate law.
What is a Corporation?
A corporation is a business entity owned by shareholders who elect a board of directors to oversee its management. Corporations are separate legal entities that are accountable for their own actions. Generally, corporations can be for-profit, such as businesses, or non-profit, such as charities.
History of Corporate Law in the Subcontinent:
The Indian subcontinent was largely governed by Persian law during the Mughal era, prior to the British colonization. Standard law was introduced by the British and remains largely the legal system in Pakistan today.
The corporate law of Pakistan has its roots in the Partnership Act 1932, Sale of Goods Act1930 and the Contract Act 1872, both common law acts incorporated as federal Acts in Pakistan’s constitution. The Contract Act 1872 was repealed by the Companies Ordinance 1984. Whilst several ordinances for intellectual property rights were made over the course of time and each focused on one particular right.
The significant characteristics of corporate law
The following concepts prevail in corporate legislation:
1. Legal personality
As an organization’s sources have been merged into one, it can use and sell its assets on its own. Rather, it becomes its own individual entity. The assets cannot be seized by creditors.
- Restricted liability
When a corporation files a lawsuit against another company, only the company’s assets are at stake. It is not possible for the plaintiff to pursue the possessions of the corporation’s owners as individuals. Despite limited liability, corporations allow their owners to take risks and diversify their investments.
3. Transferable shares
A company doesn’t have to cease operation simply because the owner no longer wants a stake in it. Company owners are able to transfer shares without the same hassles and problems associated with transferring possession of a partnership. There can be limitations to how shareholders can transfer ownership, but the fact that control can be transferred permits changes to happen when proprietors want to do so.
4. Delegated administration
Each firm has a specific structure for how they conduct their events. The board of directors consists of directors and officers. The two groups make decisions jointly. Board members appoint and supervise officers. Investors validate their meaningful choices by electing the board.
Officers are responsible for running the business every day. They manage and execute business deals on a daily basis. Both the board and officers have legal obligations. By defining a management structure, those working with the company can be assured that the government’s actions are in line with the company’s needs.
5. Financier ownership
Despite making decisions for the firm, owners don’t run it directly. Owners also reap profits from the firm. Ownership stake determines board membership. As a general rule, a proprietor’s decision-making authority and earnings share are proportional to the ownership stake.
What Do Corporate Lawyers Do?
Corporate legal representatives handle all aspects of corporate law. These include all aspects of forming, establishing, and administering a corporation or corporation-like entity, such as a limited liability company (LLC), partnership, or collaboration. Typically, a corporate lawyer is responsible for handling the legal aspects of setting up a new business, which includes submitting documents of unification and adhering to all local, state, and federal laws. As a company grows, corporate lawyers assist it with mergers with other entities and advise on guidelines, licensing of innovations, and handling any conflicts regarding procedures. Also included in the services of a business lawyer are advice and planning related to mergers, acquisitions, and other major transactions.
Legal services provided by Right Law Associates include Corporate Law, Property Law, Civil & Criminal Law, among others.
Corporate Attorney Tasks
An expert attorney provides the following services:
- Advise clients on company purchases, case liability, and the sensitivity to prosecute or defend civil rights lawsuits
- During the trial proceeding, select jurors, argue movements, consult with judges, and concern witnesses
- Interpret regulations, rulings, and policies as they relate to individual and business situations
- Present and summarize cases to judges and juries while representing customers in court or before government agencies
- Gather evidence to initiate legal action or to create a defense; establish approaches and disagreements to discuss situations
Role of a Corporate Lawyer
Experts in the lawful operation of corporations are known as company law experts. They specialize in a wide range of areas, including:
- Joint ventures
- Licensing setups
- Service developments
- Securities regulation
- Company tax obligation
- Company contracts
- Accounts & bookkeeping
Looking for expert Corporate Attorneys? We can assist you!
Need a corporate lawyer who can handle your business problems in a legal manner? With Right Law Associates, you can find expert attorneys to assist you in solving your legal problems. We are one of Pakistan’s top law firms working for the past 36 years in all legal matters. You can schedule an appointment by sending us an email with your details. We will contact you with the right solution.
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